We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Boston Properties Inc | NYSE:BXP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.71 | 1.18% | 60.78 | 62.54 | 60.32 | 61.66 | 891,710 | 01:00:00 |
Reports diluted FFO per share of $1.28
Reports diluted EPS of $0.90
Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results today for the fourth quarter ended December 31, 2015.
Results for the quarter ended December 31, 2015
Funds from Operations (FFO) for the quarter ended December 31, 2015 were $197.3 million, or $1.28 per share basic and $1.28 per share diluted. This compares to FFO for the quarter ended December 31, 2014 of $193.2 million, or $1.26 per share basic and $1.26 per share diluted. The weighted average number of basic and diluted shares outstanding totaled approximately 153,602,000 and 153,897,000, respectively, for the quarter ended December 31, 2015 and 153,128,000 and 153,550,000, respectively, for the quarter ended December 31, 2014.
The Company’s reported FFO of $1.28 per share diluted was less than the guidance previously provided of $1.39-$1.41 per share diluted primarily due to the loss from early extinguishment of debt of $0.13 per share associated with the defeasance of the mortgage loan collateralized by 100 & 200 Clarendon Street offset by better than expected portfolio operations of $0.01 per share.
Net income available to common shareholders was $137.9 million for the quarter ended December 31, 2015, compared to $174.5 million for the quarter ended December 31, 2014. Net income available to common shareholders per share (EPS) for the quarter ended December 31, 2015 was $0.90 basic and $0.90 on a diluted basis. This compares to EPS for the quarter ended December 31, 2014 of $1.14 basic and $1.14 on a diluted basis. Net income available to common shareholders for the quarter ended December 31, 2015 includes gains on sales of real estate aggregating approximately $81.3 million, or $0.48 per share basic and $0.48 per share on a diluted basis, compared to $126.1 million, or $0.73 per share basic and $0.73 per share on a diluted basis, for the quarter ended December 31, 2014.
Results for the year ended December 31, 2015
FFO for the year ended December 31, 2015 was $823.7 million, or $5.37 per share basic and $5.36 per share diluted. This compares to FFO for the year ended December 31, 2014 of $807.5 million, or $5.27 per share basic and $5.26 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 153,471,000 and 153,844,000, respectively, for the year ended December 31, 2015 and 153,089,000 and 153,620,000, respectively, for the year ended December 31, 2014.
Net income available to common shareholders was $572.6 million for the year ended December 31, 2015, compared to $433.1 million for the year ended December 31, 2014. EPS for the year ended December 31, 2015 was $3.73 basic and $3.72 on a diluted basis. This compares to EPS for the year ended December 31, 2014 of $2.83 basic and $2.83 on a diluted basis.
The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter and year ended December 31, 2015. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.
As of December 31, 2015, the Company’s portfolio consisted of 168 properties aggregating approximately 46.5 million square feet, including 11 properties under construction/redevelopment totaling approximately 4.6 million square feet. The overall percentage of leased space for the 154 properties in service (excluding the Company’s two residential properties and hotel) as of December 31, 2015 was 91.4%.
Significant events during the fourth quarter included:
Transactions completed subsequent to December 31, 2015:
EPS and FFO per Share Guidance:
The Company’s guidance for the first quarter and full year 2016 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and otherwise referenced during the conference call referred to below. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, other possible capital markets activity or possible future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense and any gains or losses associated with disposition activity. The Company is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses or gains or losses associated with disposition activities. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below.
As shown below, the Company has updated its guidance for FFO per share (diluted) for the full year 2016 to $5.78 - $5.93 per share from $5.50 - $5.70 per share. The updated guidance reflects, when compared to the Company’s prior guidance, an increase in net operating income from the Company’s property portfolio of $0.05 per share and an increase from termination income, net of a reduction in rental income, from a tenant at 250 West 55th Street of $0.21 per share.
First Quarter 2016 Full Year 2016 Low - High Low - High Projected EPS (diluted) $
1.05
- $1.07
$ 2.68 - $ 2.83 Add:Projected Company Share of Real EstateDepreciation and Amortization
0.89 - 0.89 3.45 - 3.45 Less:Projected Company Share of Gains on Sales ofReal Estate
0.35 - 0.35 0.35 - 0.35 Projected FFO per Share (diluted) $1.59
- $1.61
$ 5.78 - $ 5.93Boston Properties will host a conference call on Thursday, February 4, 2016 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full year 2015 results, the 2016 projections and related assumptions, and other related matters that may be of interest to investors. The number to call for this interactive teleconference is (877) 706-4503 (Domestic) or (281) 913-8731 (International) and entering the passcode 23619190. A replay of the conference call will be available through February 19, 2016, by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International) and entering the passcode 23619190. There will also be a live audio webcast of the call which may be accessed on the Company’s website at www.bostonproperties.com in the Investor Relations section. Shortly after the call a replay of the webcast will be available in the Investor Relations section of the Company’s website and archived for up to twelve months following the call.
Additionally, a copy of Boston Properties’ fourth quarter 2015 “Supplemental Operating and Financial Data” and this press release are available in the Investor Relations section of the Company’s website at www.bostonproperties.com.
Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office space, one hotel, four residential properties and five retail properties. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in four markets - Boston, New York, San Francisco and Washington, DC.
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, the Company’s ability to satisfy the closing conditions to the pending transactions described above, the Company’s ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Boston Properties does not undertake a duty to update or revise any forward-looking statement, including its guidance for the first quarter and full fiscal year 2016, whether as a result of new information, future events or otherwise.
Financial tables follow.
BOSTON PROPERTIES, INC.CONSOLIDATED BALANCE SHEETS
(Unaudited )
December 31, 2015 December 31, 2014 (in thousands, except for share and par value amounts) ASSETS Real estate, at cost $ 18,465,405 $ 18,231,978 Construction in progress 763,935 736,311 Land held for future development 252,195 268,114 Less: accumulated depreciation (3,925,894 ) (3,547,659 ) Total real estate 15,555,641 15,688,744 Cash and cash equivalents 723,718 1,763,079 Cash held in escrows 73,790 487,321 Investments in securities 20,380 19,459 Tenant and other receivables (net of allowance for doubtful accounts of $1,197 and $1,142, respectively) 97,865 46,595 Accrued rental income (net of allowance of $2,775 and $1,499, respectively) 754,883 691,999 Deferred charges, net 732,837 831,744 Prepaid expenses and other assets 185,118 164,432 Investments in unconsolidated joint ventures 235,224 193,394 Total assets $ 18,379,456 $ 19,886,767 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable $ 3,438,714 $ 4,309,484 Unsecured senior notes (net of discount of $10,683 and $12,296, respectively) 5,289,317 5,287,704 Unsecured line of credit — — Mezzanine notes payable 308,482 309,796 Outside members' notes payable 180,000 180,000 Accounts payable and accrued expenses 274,709 243,263 Dividends and distributions payable 327,320 882,472 Accrued interest payable 190,386 163,532 Other liabilities 483,601 502,255 Total liabilities 10,492,529 11,878,506 Commitments and contingencies — — Noncontrolling interests: Redeemable preferred units of the Operating Partnership — 633 Redeemable interest in property partnership — 104,692 Equity: Stockholders’ equity attributable to Boston Properties, Inc.: Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding — —Preferred stock, $.01 par value, 50,000,000 shares authorized; 5.25% Series B cumulative redeemable preferred stock, $.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at December 31, 2015 and December 31, 2014
200,000 200,000Common stock, $.01 par value, 250,000,000 shares authorized, 153,658,866 and 153,192,845 issued and 153,579,966 and 153,113,945 outstanding at December 31, 2015 and December 31, 2014, respectively
1,536 1,531 Additional paid-in capital 6,305,687 6,270,257 Dividends in excess of earnings (780,952 ) (762,464 )Treasury common stock at cost, 78,900 shares at December 31, 2015 and December 31, 2014
(2,722 ) (2,722 ) Accumulated other comprehensive loss (14,114 ) (9,304 ) Total stockholders’ equity attributable to Boston Properties, Inc. 5,709,435 5,697,298 Noncontrolling interests: Common units of the Operating Partnership 603,092 603,171 Property partnerships 1,574,400 1,602,467 Total equity 7,886,927 7,902,936 Total liabilities and equity $ 18,379,456 $ 19,886,767 BOSTON PROPERTIES, INC.CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months endedDecember 31,
Year ended December 31, 2015 2014 2015 2014 (in thousands, except for per share amounts) Revenue Rental Base rent $ 493,141 $ 484,011 $ 1,964,732 $ 1,886,339 Recoveries from tenants 88,576 85,946 355,508 339,365 Parking and other 25,132 25,724 101,981 102,593 Total rental revenue 606,849 595,681 2,422,221 2,328,297 Hotel revenue 10,939 10,907 46,046 43,385 Development and management services 6,452 7,119 22,554 25,316 Total revenue 624,240 613,707 2,490,821 2,396,998 Expenses Operating Rental 216,642 211,077 872,252 835,290 Hotel 7,888 7,539 32,084 29,236 General and administrative 24,300 23,172 96,319 98,937 Transaction costs 470 640 1,259 3,140 Depreciation and amortization 164,460 162,430 639,542 628,573 Total expenses 413,760 404,858 1,641,456 1,595,176 Operating income 210,480 208,849 849,365 801,822 Other income (expense) Income from unconsolidated joint ventures 2,211 2,700 22,770 12,769 Interest and other income 440 1,924 6,777 8,765 Gains (losses) from investments in securities 493 387 (653 ) 1,038 Interest expense (106,178 ) (117,904 ) (432,196 ) (455,743 ) Losses from early extinguishments of debt (22,040 ) (10,633 ) (22,040 ) (10,633 ) Income before gains on sales of real estate 85,406 85,323 424,023 358,018 Gains on sales of real estate 81,332 126,102 375,895 168,039 Net income 166,738 211,425 799,918 526,057 Net income attributable to noncontrolling interests Noncontrolling interests in property partnerships (10,143 ) (13,088 ) (149,855 ) (30,561 ) Noncontrolling interest—redeemable preferred units of the Operating Partnership — (9 ) (6 ) (1,023 ) Noncontrolling interest—common units of the Operating Partnership (16,098 ) (21,172 ) (66,951 ) (50,862 ) Net income attributable to Boston Properties, Inc. 140,497 177,156 583,106 443,611 Preferred dividends (2,646 ) (2,646 ) (10,500 ) (10,500 ) Net income attributable to Boston Properties, Inc. common shareholders $ 137,851 $ 174,510 $ 572,606 $ 433,111 Basic earnings per common share attributable to Boston Properties, Inc. common shareholders: Net income $ 0.90 $ 1.14 $ 3.73 $ 2.83 Weighted average number of common shares outstanding 153,602 153,128 153,471 153,089 Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders: Net income $ 0.90 $ 1.14 $ 3.72 $ 2.83 Weighted average number of common and common equivalent shares outstanding 153,897 153,550 153,844 153,308 BOSTON PROPERTIES, INC.FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months endedDecember 31,
Year ended December 31, 2015 2014 2015 2014 (in thousands, except for per share amounts) Net income attributable to Boston Properties, Inc. common shareholders $ 137,851 $ 174,510 $ 572,606 $ 433,111 Add: Preferred dividends 2,646 2,646 10,500 10,500 Noncontrolling interest - common units of the Operating Partnership 16,098 21,172 66,951 50,862 Noncontrolling interest - redeemable preferred units of the Operating Partnership — 9 6 1,023 Noncontrolling interests in property partnerships 10,143 13,088 149,855 30,561 Less: Gains on sales of real estate 81,332 126,102 375,895 168,039 Income before gains on sales of real estate 85,406 85,323 424,023 358,018 Add: Real estate depreciation and amortization (2) 167,968 166,665 644,595 646,463 Less: Noncontrolling interests in property partnerships' share of funds from operations 30,828 33,866 139,569 93,864 Noncontrolling interest - redeemable preferred units of the Operating Partnership — 9 6 1,023 Preferred dividends 2,646 2,646 10,500 10,500 Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.) 219,900 215,467 918,543 899,094 Less: Noncontrolling interest - common units of the Operating Partnership's share of funds from operations 22,561 22,281 94,828 91,588 Funds from operations attributable to Boston Properties, Inc. common shareholders $ 197,339 $ 193,186 $ 823,715 $ 807,506 Boston Properties, Inc.'s percentage share of funds from operations - basic 89.74 % 89.66 % 89.68 % 89.81 % Weighted average shares outstanding - basic 153,602 153,128 153,471 153,089 FFO per share basic $ 1.28 $ 1.26 $ 5.37 $ 5.27 Weighted average shares outstanding - diluted 153,897 153,550 153,844 153,620 FFO per share diluted $ 1.28 $ 1.26 $ 5.36 $ 5.26(1) Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. common shareholders (computed in accordance with GAAP, including non-recurring items) for gains (or losses) from sales of properties, impairment losses on depreciable real estate of consolidated real estate, impairment losses on investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures, real estate related depreciation and amortization, and after adjustment for unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure. The use of FFO, combined with the required primary GAAP presentations, has been fundamentally beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Management generally considers FFO to be a useful measure for reviewing our comparative operating and financial performance because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help one compare the operating performance of a company's real estate between periods or as compared to different companies.
Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently.
FFO should not be considered as an alternative to net income attributable to Boston Properties, Inc. common shareholders (determined in accordance with GAAP) as an indication of our performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and is not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to further understand our performance, FFO should be compared with our reported net income attributable to Boston Properties, Inc. and considered in addition to cash flows in accordance with GAAP, as presented in our consolidated financial statements.
(2) Real estate depreciation and amortization consists of depreciation and amortization from the Consolidated Statements of Operations of $164,460, $162,430, $639,542 and $628,573 and our share of unconsolidated joint venture real estate depreciation and amortization of $3,994, $4,582, $6,556 and $19,251, less corporate-related depreciation and amortization of $486, $347, $1,503 and $1,361 for the three months and years ended December 31, 2015 and 2014, respectively.
BOSTON PROPERTIES, INC.PORTFOLIO LEASING PERCENTAGES
% Leased by Location December 31, 2015 December 31, 2014 Boston 90.6 % 91.4 % New York 91.5 % 90.9 % San Francisco 93.8 % 88.3 % Washington, DC 91.0 % 94.8 % Total Portfolio 91.4 % 91.7 % % Leased by Type December 31, 2015 December 31, 2014 Class A Office Portfolio 91.7 % 91.8 % Office/Technical Portfolio 84.2 % 87.7 % Total Portfolio 91.4 % 91.7 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20160203006632/en/
Boston Properties, Inc.Michael LaBelle, 617-236-3352Executive Vice President, Chief Financial Officer and TreasurerorArista Joyner, 617-236-3343Investor Relations Manager
1 Year Boston Properties Chart |
1 Month Boston Properties Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions